The Rising Demand of Used Imported Vehicles in Pakistan

The demand for Used Imported Vehicles in Pakistan has increased significantly. 76,635 vehicles were imported in the year 2017, compared to 46,500 units it 2016, an increase of 65%.
The data of used cars has been furnished by local industry who, keep the record of all types of imported vehicles in Import General Manifest (IGM). The data revealed that 65,723 cars and minivans were imported, an increase of 70% against 38,676 units in the previous year. Sports utility vehicles also witness an appreciation of 59 percent i.e. 7,758 SUVs were imported in 2017. And an increase of 9% in imports of pickups and vans was observed, reaching 3,154 units.
Among the imports the most demanded unit was Toyota Vitz, that was 40% high at 8,680. Similarly, Daihatsu Mira’s demand soared to 6,091 units an increase of 73.1 percent compared to last year, 2016.Toyota Aqua reached 7,123 units with 96% rise, Suzuki Every was at 5,088 units with an increase of 14.6%. Toyota Vezel stood at 2431 units an increase of 57.5 percent and Land Cruiser’s 3301 units were imported, with an increase of 55.7%.
The substantial rise in imports can be attributed to, interest rates which are very low, the increased awareness and demand for car auto finance and expansion in of ride-hailing services like Careem and Uber. These services have urged masses to acquire vehicles and invest for profitability and simultaneously, creating jobs for many. Although the government did imposed import duties and furnished a framework for import of vehicles but obviously, it has not made any significant impact with such import figures. 103,432 locally produced vehicles were sold i.e. an increase of 20.4% compared to 2016.